San Jose’s Tallest Building Tops Out Construction
Nearly three years after breaking ground, Bayview Development Group’s 630-unit residential project has hit a major milestone.
Bayview Development Group has topped off construction of its two-tower, mixed-use residential community in San Jose, Calif., making the 28-story building the city’s tallest.
The 630-unit luxury project, MIRO, is located in the heart of downtown San Jose, across from City Hall. Designed by architecture firm Steinberg Hart, the project is being built by Suffolk Construction and is slated to be completed in spring 2021.
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Located on Santa Clara Street between 4th and 5th Streets, MIRO will feature 50,000 square feet of amenity offerings once it opens to residents. The amenities include sky lounges and terraces, a garden deck, swimming pool, spa, dog run, coworking spaces, a movie room and a fitness center. The adjoining towers will house a mix of studio, one-, two- and three-bedroom layouts, with an additional 16 penthouse units. Apartments are being designed to have flexible spaces that residents can adjust to their liking, according to Bayview Development Group.
MIRO will also house more than 15,000 square feet of retail space and 10,000 square feet of office space.
Bayview first broke ground on the 28-story project in November 2017, amid a residential development boom. The project was financed by a $288.8 million loan from Goldman Sachs. As one of the country’s largest tech hubs, rental apartments have been in high demand in San Jose, as population growth and a strong employment market have led to a shortage of housing.
The development team designed MIRO to fit “seamlessly” into the nearby surroundings, said Bayview Chief Investment Officer Ted McMahon in prepared remarks.
Central San Jose is the top submarket for construction in the city as of May, according to Yardi Matrix data. Some 900 multifamily units are set to come online later this year, with more than 1,500 slated for delivery in 2021.